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1

THE IMPACT OF MONETARY POLICY SHOCKS IN A SMALL OPEN ECONOMY

100%
Caraiani P.
Ekonomický časopis (Journal of Economics)
|
2008
|
vol. 56
|
issue 6
537-550
EN
In this paper the author uses an open economy dynamic stochastic general equilibrium model and estimates it for Romanian economy using the Bayesian techniques. He estimates then the impact of domestic and external monetary policy shocks. The domestic interest shocks produce strong effects on output and exchange rate, and moderate ones on inflation. The effects are not very persistent. The results show that the monetary policy shocks from Euro Area do matter for Romanian economy, but in moderate way. Overall, monetary policy in Romania is found to be less gradual but more conservative than the ECB one.
2

FORMALIZOVANÝ MODEL TRANZITÍVNEJ EKONOMIKY SLOVENSKA

100%
Luptáčik M., Ďuráš J., Hrivnáková J., Kvetan V., Ondko P., Pálenik V.
Ekonomický časopis (Journal of Economics)
|
2005
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vol. 53
|
issue 1
33-48
EN
This paper describes behavior of Slovak economy during transformation process using tools of mathematical economy. As a base the IS-LM model for open economy is taken which is further modified to meet specifics of small open economy. The transition process of Slovak economy is divided into three periods and for each one modification of general model is used. The results prove that Slovak economy started with behavior considerably different from the one described by standard model, but it was moving closer to it as the transition process continued.
3

LONG-RUN RELATIONS IN A SMALL OPEN ECONOMY OF THE CZECH REPUBLIC AND THE SLOVAK REPUBLIC

88%
Hančlová J., Juriová J., Závacká J.
Ekonomický časopis (Journal of Economics)
|
2017
|
vol. 65
|
issue 5
408 – 425
EN
A small open economy is highly dependent on foreign environments. This article investigates equilibrium relations between a small open economy and its foreign trade partners. Based on long-run relationships developed by Garratt et al. (2003) a structural model for the Czech Republic (CR) and Slovak Republic (SR) is constructed for period 2002Q1 to 2015Q4. As the most of the macroeconomic variables are nonstationary, the Cointegrated Vector Autoregressive Approach (CVAR) is used for empirical analysis. The following five long-run equilibrium relations are examined: relative purchasing power parity, uncovered interest rate parity, Fisher inflation parity, money market equilibrium, and output relation. The estimation results of the long-run relations confirmed similarities between these economies.
4

FISCAL POLICY IN CEE COUNTRIES. EVIDENCE FROM CZECH REPUBLIC AND ROMANIA

75%
Caraiani P.
Ekonomický časopis (Journal of Economics)
|
2011
|
vol. 59
|
issue 1
79 – 104
EN
The author investigates the fiscal policy in CEE countries using evidence from two of the most important economies, Czech Republic and Romania. A small open economy model with a Taylor fiscal rule is estimated on quarterly data for these countries. He explores the potential of counter-cyclical fiscal policy in the context of the on-going financial crisis, the reaction of the fiscal policy to negative demand shocks or to a more relaxed monetary policy, as well as the impact of fiscal shocks. There are evidences that fiscal shocks during the last years behaved in a pro-cyclical way and it appears that the countercyclical potential of fiscal policy during the financial crisis remained largely unused.
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